Arzanah, Capitala’s flagship project, is a 1.4 million square metre development encompassing residential, retail, commercial, sports and leisure components. Strategically located in the Sheikh Zayed Grand Mosque District on Abu Dhabi Island, Arzanah will offer a unique active urban lifestyle for both residents and the community at large.
Situated on the north eastern corner of Arzanah on 38,000 square metres of prime land, Rihan Heights includes five luxurious residential towers with a total of 854 apartments and 14 stunning villas on the site’s perimeter. The buildings are surrounded by luxuriant gardens and offer a range of recreational features including swimming pool, children’s playground, gym and fitness suite, clubhouse and state of the art security and management systems.

Construction on Rihan Heights, which began in late 2008, is well underway. The 20th storey of the tallest tower, which when complete will consist of 32 storeys, is expected to be completed by end of April and the facades for all five towers to be in place by late Q4 this year.

Carlos Obeid, Chairman of Capitala, said,

“Today there are 2000 construction workers on Rihan Heights site and this number will increase to 2500 in the next quarter, a fivefold increase within a single year. We are pleased with the construction progress so far and we are now focussing all our efforts to complete and deliver these premium finished residences.”

He added,

“We have also recently completed Rihan Heights show homes on the 1st floor of tower B and invite all our existing investors and potential customers to visit them. The show homes, which include the two and three-bedroom apartments, showcase the layout, finishes and expected quality for this premium residential development. They also highlight the unobstructed views onto the pristine beachfront and the spectacular Sheikh Zayed Grand Mosque.”

The project consists of four 22-storeys residential towers with 684 units in all.

The project is intended for middle-income professionals and will be located at the entry to Reem Island about 300 metres from Abu Dhabi Island.

The development spans a built-up area of 156,800 square metres and consists of one-, two- and three-bedroom apartments and eight exclusive water villas.

The waterfront Carina Views towers will be designed for middle-income professionals.

Khaleel I Al Abdullah, Chief Executive Officer at NREC, said:

“Even with the economic crisis, accommodation requirements still need to be addressed in Abu Dhabi. We decided to enter the market and target mid-income professionals to fill a gap that was very much there. We are confident in Abu Dhabi and the UAE and Carina Views is the first of many UAE projects we are embarking on.”

NREC owns and manages properties and assets throughout Kuwait, the Middle East and North Africa. Carina Views is NREC’s flagship development for Abu Dhabi and situated on the master development of Al Reem Island- Najmat, Abu Dhabi.

NREC is listed on the Kuwait Stock Exchange since 1984. Founded with a capital of KWD5 million (Dh63.6m), NREC has assets and capital now exceeding KD589m and KD81m.

Based in Kuwait, NREC houses subsidiaries, entities and developments that are spread throughout the region, including UAE, Egypt, Jordan, Lebanon, Iraq, Djibouti and Libya.

Prices

According to a sales manager of Carina Views, the prices of Tower 1 are as follows:

1st floor AED 1,169/ft2 – District View – upto 7th floor AED 1,198/ft2
1st floor AED 1,230/ft2 – Full Reem View upto 7th floor AED 1,261/ft2
1st floor AED 1,279/ft2 – Ful Sea View – upto 7th floor AED 1,311/ft2

4 out of 8 Water Villas
From AED 10,500,000 (6,372 ft2) – AED 11,312,000 (6,867 ft2) incl. garden.

Payment plan
5% on signing Reservation Agreement
5% 3 months after signing RA
5% Construction milestone A (after 6 months)
10% Construction milestone B (after 12 months)
75% Final Payment – on completion

Emirates Business

The museum will cost Dhs400m in addition to a franchise fee of $1bn (Dhs3.67bn) for using the Louvre brand name and for hundreds of artworks loaned from the Paris museum for periods of between six months and two years.

Designed by French architect Jean Nouvel, the civic area will span 260,000 square feet and comprise pavilions, plazas, canals and alleyways. (About 65,000 square feet will be dedicated to exhibitions.) A dome 590 feet in diameter will hover over much of the complex. Completion is set for 2012 or 2013.

The Louvre Abu Dhabi is a joint effort between the governments of France and Abu Dhabi. It will feature artworks loaned from several top French museums, including the Louvre, the Musée d’Orsay, le Centre Pompidou, the Musée de Quai Branly and the Musée Guimet. In addition, the center will exhibit work from its own developing collection.

Billed as “the first universal museum,” the Louvre Abu Dhabi will also feature archaeological artifacts and art from all cultures.

Gallery

The National/LA Times

The plan includes the building of 4,500 villas, 100 apartments, 30 schools and 30 public parks, as well as shops, hotels and a medical compound.

Uwe Nienstedt, the project development director for KEO International, a consulting firm, said yesterday that “all the changes are now finished” and that the municipality was keen to start building. “The planning phase is over,” he said, adding that the council would turn the project over to the municipality in the next couple of weeks.

The National

Despite the economic downturn, Abu Dhabi has been financially prudent and its sovereign wealth fund is estimated at $328bn. According to Mark Goodchild, Exhibition Director of Cityscape Abu Dhabi, the sheer scale of projects continuing to take place in Abu Dhabi is remarkable by any international standard.

The top ten projects, as identified by the research company Proleads, are:

1. Khalifa City – $40bn. The biggest single project and will be the new capital city for Abu Dhabi. It is planned to comprise all federal ministries, local government offices and embassies, and expected to be completed in 2030.
2. Yas Island – $39bn. A mixed-use tourist development with its own Formula 1 racetrack. Will have a total developed area about one-third the size of Abu Dhabi island.
3. Saadiyat Island – $28bn. Offshore development which includes 29 hotels, three marinas, 8,000 residential villas and 38,000 apartments.
4. Burooj Properties’ $24bn community. Mixed-use project including 11 residential towers, offices, four hotels and a shopping mall.
5. Masdar City – $22bn. Economic development billed as the first zero-carbon, zero-waste city. Depends on solar energy and will be car-free.
6. Al-Raha Beach Complex – $18.5bn. Mixed-use hospitality development to house 120,000 people in 50 high-rise and a number of low-rise buildings.
7. Ghantoot Green City – $10bn. Will comprise commercial centres, hotels, offices, residential areas, warehousing and light industrial areas.
8. Al-Reem Island – $7.8bn. Mixed-use community with several 40 and 50-storey towers, and two 80-storey towers that will house a total of 80,000 people.
9. Sheikh Mohammed Bin Zayed City – $6.5bn. 374 residential and commercial buildings, including infrastructure and entertainment facilities.
10. At joint number ten are Abu Dhabi Light Rail and MGM Grand Hotel – $3bn each. The rail project involves 350 km of rail. The MGM Grand Hotel will have more than 1,200 rooms and features a 12,000 seat arena.

AME Info

Click image for large view

Sorouh Real Estate PJSC and Tameer Holding Investment LLC today announced the award of a AED 6.2 Billion contract to Arabian Construction Company (ACC) to build The Gate Towers, a joint venture project, situated at the entrance of Sorouh’s flagship project, SHAMS Abu Dhabi, on Al Reem Island.

This new contract will see ACC construct six of the eight towers that make up The Gate District, covering a construction area of 1.1 million square metres. Piling work is scheduled to start immediately and construction of the towers will begin January 2009, to be delivered in phases over the next four years. The Gate Towers will be a mix of residential, commercial, retail, serviced apartments and a hotel.

Mounir Haidar, Chief Executive Officer, Sorouh, stated:

“Sorouh is pleased to announce its continued partnership with ACC. As a leading real estate developer in the United Arab Emirates, Sorouh partners with companies that reflect our own professionalism and commitment to creating innovative real estate projects. We are looking forward to working with ACC on this phase of our exciting development.”

Dr. Abdallah Shaaban, Managing Director, Tameer Abu Dhabi, added:

“Tameer has an excellent relationship with ACC. This partnership adds value to our project with Sorouh, creating a spirit of excellence and efficiency where all three parties work together to produce an innovative and exciting development for Abu Dhabi.”

The contract is seen as a strategic partnership between Sorouh, Tameer and ACC, and will see all parties sharing roles and responsibilities such as procurement and engineering.

ACC’s Managing Director Hamed Mikati said the award of this contract shows that ACC has once again gained the trust of Sorouh.

“We are looking forward to completing this unique project which is set to change Reem Island’s ever growing skyline,” he said. “We have been active in the UAE for over 40 years and are very proud to have contributed in the growth of the country.

“We are very proud to extend our relationship with Sorouh and Tameer and we thank them for their confidence in ACC.”

SHAMS Abu Dhabi will be a completely new self-sustaining city designed around canals and parks which integrates world-class master planning practices and extends the lush green of Abu Dhabi’s landscape. In addition to the Gate District, Shams Abu Dhabi will feature several other unique projects including Central Park, Sky Tower, Sun Tower and Marina, and the Gate District.

ACC is currently building the Sky and Sun Towers in Abu-Dhabi for Sorouh, as well as Princess, the world’s tallest residential tower (414m high), and Elite Towers in Dubai for Tameer.

Zawya

“It’s a luxury property that will be known for its privacy and exclusivity,” Nadia Zaal told Gulf News. “Sales began in May this year. We have sold whatever we released. We are looking to release rest of the project in October this year.”

The estates and villas are priced between Dh35 million and Dh110 million. There will also be a 60-room resort with room rates ranging from $3,500 to $5,000 per night.

Zaal said the Nurai project will have a construction cycle of two to two-and-a half years. The island can either be reached by a helicopter or by private yachts, although Zaya will provide pickup facilities for Nurai’s guests on the Saadiyat Island. Nurai also offers a private helipad and marina with arrivals lounge, a fully-equipped spa and fitness centre, private beaches and water sports facilities.

“We will start levelling and marine works on Nurai from August 1. The construction work will be taken up from September-October this year and the entire project is scheduled for completion by December 15, 2010,” said Zaal.

The Nurai project is Zaya’s first and the company plans to make announcements on its future projects at Dubai’s Cityscape in October.

-GulfNews-

The toal retail area will be 300.000 m² containing resorts, villas, the Ferrari Theme Park, golf course and much more. The residential apartments will be low-rise, with option to rent, lease or own.